IndiGo parent posts quarterly loss
Interglobe Aviation Ltd, which operates Indigo, reported a quarterly loss as higher fuel expense outweighed rebound in travel demand.
Interglobe said its aircraft fuel expenses in the quarter soared 207.8% to 19.89 billion rupees. IndiGo's net loss widened to 14.40 billion rupees ($192.32 million) in the three months to Sept. 30, from 11.95 billion rupees a year earlier.
Passenger growth across airlines jumped 136.6% in August and 79.2% in September compared to last year. Almost 7.07 million passengers flew in September, compared to 6.7 million in August.
Amazon, Apple dented by supply and chip troubles
Amazon and Apple's quarterly profits were weighed down by supply chain bottlenecks and the global chip shortage.
Apple's iPhone and iPad sales were held back due to supply constraints, while Amazon struggled to meet products demands.
Amazon's profit in the recently ended quarter slipped to $3.2 billion, and Apple reported a net income of $20.5 billion on revenue of $83.4 billion, below analysts' expectations.
The semiconductor shortage on account of a surge in demand due to the Covid-19 pandemic and US-China trade tensions has affected industries across the globe, from tech giants to carmakers.
Handicraft exports grow 60% during Apr-Sept
India's handicraft exports during the first six months of the current fiscal rose over 60.34% as compared with the same period last year. According to the textiles ministry, exports stood at Rs 15,995.73 crore.
The 52nd edition of the IHGF-Delhi Fair - Autumn 2021 being held at the India Expo Centre & Mart, Greater Noida, was inaugurated on Thursday.
Das reappointed as RBI governor for another three years
The government extended the term of Reserve Bank of India Governor Shaktikanta Das for another three years or until further orders.
An official order dated October 28 said the government has reappointed Das as the governor of the central bank for a period of three years beyond December 10, 2021.
Das took the helm as the RBI's 25th governor on December 11, 2018, for a period of three years.
As markets get ready for the reversal of loose monetary policy, stability at central bank leadership is seen as imperative.
Oil set for first weekly drop since August
Oil prices are headed for their first weekly losses since August as U.S. oil inventories rose more than expected, and Iran said it was resuming talks with Western powers which could end sanctions.
U.S. West Texas Intermediate (WTI) crude fell 4 cents to $82.77 a barrel while Brent crude futures rose 0.1%, to $84.44 a barrel. Both Brent and WTI were on track to fall about 1% for the week. This would be the first weekly drop in 10 weeks for WTI and the first in eight weeks for Brent.
U.S. oil stocks rose much more than expected in the week to Oct. 22 and now all eyes are on the next meeting of the OPEC+, on Nov. 4. whether they will stick to their plan to add 400,000 barrels per day of supply each month until April 2022.
Asian markets update | Sensex falls 700 points
The Indian benchmark indices, Sensex and Nifty opened on a weaker note amid mixed global cues. The Sensex fell over 700 points in the early trade while Nifty also lost over 150 points.
At 9:27 IST, Sensex was down 750 points or 1.25% at 59,234.69 and the Nifty was down 189 points or 1.01% at 18,521.97.
Sensex plunged 1,159 points yesterday after across-the-board selloff.
Asian shares fell after Amazon and Apple quarterly earnings opposed a recent strong trend and growth and inflation fears continued to weigh.
Chinese shares fell less than other markets as local blue chips traded flat. However, the Hong Kong benchmark was down 0.83%, primarily weighed by mainland Chinese property stocks.
Morning note:
The Union government re-appointed Shaktikanta Das as the Governor of the Reserve Bank of India (RBI) for a period of three years beyond December 10. Das was previously the department of economic affairs secretary at the finance ministry before being appointed as the head of RBI in 2018 for a three year period.
The initial public offering of FSN E-Commerce Ventures, the entity that operates Indian beauty startup Nykaa, was fully subscribed on the first day of sale.
Novelis, a subsidiary of India’s Hindalco, will invest $375 million in its Zhenjiang operation in China to expand recycling and production for aluminium products used in the auto industry. Metal recycling will play an important role in the energy transition, which includes a switch to electric vehicles from internal combustion engine cars. The world's largest aluminium recycler expects to complete the expansion project by the middle of 2024.
Cash-strapped Evergrande Group has made payments for an offshore bond coupon ahead of the expiry of a grace period on Friday, meeting its second U.S. dollar repayment obligation this month. – John Xavier
---- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)